olivLaw · US equity research
SANGRIX INC. SGRX
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
SANGRIX INC. (formerly Bit Origin, ticker SGRX) is a Singapore-based company that stopped Bitcoin mining in the US and is now moving toward AI computing infrastructure after holding a Dogecoin treasury. The shift matters because the company recorded a loss of 10.9 million USD from crypto asset fair value changes in fiscal 2026, reducing its volatile holdings.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SANGRIX INC. (SGRX) stock was 0.70 USD (−7.26% on the day), with market capitalisation 40.8 m USD, beta 1.62, 52-week range 0.38–96.60 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.8
- weak (30–45)
- Bollinger (20, 2)
- 0.26 – 0.91
- in the upper half of the band · %B 0.67 · band width 110.7%
- SMA 50 / 200
- 1.34 / 7.99
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.22 / -0.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −37.4% | −1.1% | −36.3 pp | — |
| 3 months | −82.2% | −0.5% | −81.8 pp | — |
| 6 months | −93.4% | +4.4% | −97.8 pp | — |
| Year to date | −98.6% | +12.3% | −111.0 pp | — |
| 1 year | −99.2% | +13.5% | −112.7 pp | −51.3% |
| 3 years | −99.8% | +76.4% | −176.3 pp | −64.5% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | ⚠ 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99.1 m | 24.2 m | 80.5 m | 6.3 m | 6.3 m | 2.9 m | 39.5 k | unavailable |
| Revenue YoY | −2.0% | −75.5% | +232.0% | — | 0.0% | — | −98.6% | unavailable |
| Net income | 4.4 m | -4.9 m | -45.6 m | 3.2 m | -28.2 m | -17.5 m | -4.4 m | -14.3 m |
| Net income YoY | +15.8% | −211.8% | unavailable | — | −971.0% | — | unavailable | unavailable |
| Diluted EPS | 0.21 | unavailable | unavailable | -8.61 | unavailable | -1,003.41 | -84.84 | -70.43 |
| Diluted EPS YoY | +10.5% | unavailable | unavailable | — | unavailable | — | unavailable | unavailable |
| net % | 4.4% | -20.1% | -56.7% | 51.7% | -450.7% | -607.0% | -11,064.5% | unavailable |
| Free cash flow | -5.3 m | -6.6 m | unavailable | -22.5 m | -6.9 m | unavailable | unavailable | unavailable |
The series breaks before 2022, 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 1.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 4.9 m USD
- Total assets
- 21.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.98x
- ROE
- -355.5%
- ROA
- -115.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 80.5 m | 6.3 m | 6.3 m | 2.9 m | 39.5 k | — | SEC (XBRL)· 31 Oct 2025verified |
| Cost of revenue | 77.5 m | 10.8 m | 10.8 m | 3.8 m | — | — | SEC (XBRL)· 26 Dec 2024verified |
| Gross profit | 3.0 m | -4.6 m | -4.6 m | -945.2 k | 39.5 k | — | SEC (XBRL)· 31 Oct 2025verified |
| Operating income | -3.5 m | -28.3 m | -28.3 m | -14.8 m | -3.0 m | -14.3 m | SEC (XBRL)· 18 Sept 2026verified |
| Interest expense | 156.0 k | 54.1 k | 227.4 k | 595.7 k | 665.2 k | — | SEC (XBRL)· 18 Sept 2026verified |
| Pre-tax income | -3.6 m | -28.2 m | -28.2 m | -18.3 m | -4.4 m | -14.3 m | SEC (XBRL)· 18 Sept 2026verified |
| Income tax | -1.0 m | — | — | — | — | — | SEC (XBRL)· 15 Nov 2021verified |
| Net income | -45.6 m | 3.2 m | -28.2 m | -17.5 m | -4.4 m | -14.3 m | SEC (XBRL)· 18 Sept 2026verified |
| Diluted EPS | — | -8.61 | — | -1,003.41 | -84.84 | -70.43 | SEC (XBRL)· 18 Sept 2026verified |
| Weighted average diluted shares | 1.1 m | 3.3 m | 3.3 m | 17.5 k | 77.0 k | 339.7 k | SEC (XBRL)· 18 Sept 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.9 k | 17.8 k | 16.3 k | 1.4 m | 55.6 k | 1.6 m | SEC (XBRL)· 18 Sept 2026verified |
| Receivables | 11.1 m | 0 | 0 | 117.0 k | — | — | SEC (XBRL)· 26 Dec 2024verified |
| Inventories | 229.4 k | — | — | — | — | — | SEC (XBRL)· 15 Nov 2021verified |
| Current assets | 32.5 m | 23.9 m | 3.6 m | 6.7 m | 3.5 m | 10.2 m | SEC (XBRL)· 18 Sept 2026verified |
| Property, plant & equipment, net | 4.4 k | 8.0 m | 7.4 m | — | — | — | SEC (XBRL)· 31 Oct 2023verified |
| Goodwill | 0 | — | — | — | — | — | SEC (XBRL)· 15 Nov 2021verified |
| Intangibles (excl. goodwill) | 313.5 k | — | — | — | — | — | SEC (XBRL)· 15 Nov 2021verified |
| Total assets | 40.9 m | 35.0 m | 13.3 m | 6.7 m | 3.5 m | 21.2 m | SEC (XBRL)· 18 Sept 2026verified |
| Accounts payable | 10.0 m | — | 667.9 k | — | — | — | SEC (XBRL)· 31 Oct 2023verified |
| Short-term debt | 9.9 m | — | — | — | — | — | SEC (XBRL)· 15 Nov 2021verified |
| Current liabilities | 38.7 m | 300.0 k | 2.6 m | 2.5 m | 372.1 k | 1.5 m | SEC (XBRL)· 18 Sept 2026verified |
| Total liabilities | 42.5 m | 300.0 k | 3.1 m | 5.8 m | 372.1 k | 12.1 m | SEC (XBRL)· 18 Sept 2026verified |
| Equity | -1.6 m | 34.7 m | 10.3 m | 909.6 k | 3.2 m | 4.9 m | SEC (XBRL)· 18 Sept 2026verified |
| Shares outstanding at year end | 40.7 m | 91.6 m | 3.4 m | 3.4 m | 58.2 m | — | SEC (XBRL)· 31 Oct 2025verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -10.4 m | -14.2 m | -6.8 m | -7.9 m | -2.3 m | -2.9 m | SEC (XBRL)· 18 Sept 2026verified |
| Capex | — | 8.3 m | 115.0 k | — | — | — | SEC (XBRL)· 31 Oct 2023verified |
| Free cash flow | — | -22.5 m ≈ | -6.9 m ≈ | — | — | — | SEC (XBRL)· 31 Oct 2023derived |
| Investing cash flow | 0 | -11.3 m | 4.3 m | 1.0 m | 1.5 m | -200.0 k | SEC (XBRL)· 18 Sept 2026verified |
| Financing cash flow | 8.5 m | 25.9 m | 2.5 m | 8.3 m | -608.7 k | 4.6 m | SEC (XBRL)· 18 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 40.8 m USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -36,190.3% | 3 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -81.5% | 0 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -21.5x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 7.0x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SANGRIX INC. (SGRX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 39.5 k USD in 2025; YoY growth -98.6%; net margin -36,190.3%; ROE -300.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 7.0x
What contradicts it
- Net margin: -36,190.3%
- Revenue CAGR 3Y: -81.5%
- Interest coverage: -21.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| BMNPBitmine Immersion Technologies, Inc. | 59.2 bn | — | -150.9% | -14,306.6% | +84.1% | unavailable / unavailable |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| RIOTRiot Platforms, Inc. | 5.8 bn | — | -50.5% | -210.8% | +71.9% | −5% / +22% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| QFINQfin Holdings, Inc. | 1.3 bn | 1.7 | 25.3% | 31.1% | +16.8% | −72% / −65% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| HIVEHive Digital Technologies Ltd. | 499.2 m | — | -66.4% | -98.5% | +158.3% | −46% / −41% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| SLNHSoluna Holdings, Inc. | 136.7 m | — | -114.6% | -185.9% | −21.8% | −67% / −82% |
| SUIGSui Group Holdings Limited | 81.4 m | — | -683.9% | -11,373.7% | +18.1% | −47% / −60% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| HYPDHyperion Defi, Inc. | 47.7 m | — | 9.6% | 474.9% | +1,318.8% | −32% / −97% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
| EXODExodus Movement, Inc. | 43.5 m | — | -36.4% | -79.9% | +4.5% | −72% / −6% |
1- and 3-year price returns: for SGRX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Sept 2026; since then the company filed 6-K (30 Oct 2026), 6-K (23 Oct 2026), 6-K (22 Oct 2026), 6-K (16 Oct 2026), 6-K (23 Sept 2026).
In brief
SANGRIX INC. (formerly Bit Origin, ticker SGRX) is a Singapore-based company that stopped Bitcoin mining in the US and is now moving toward AI computing infrastructure after holding a Dogecoin treasury. The shift matters because the company recorded a loss of 10.9 million USD from crypto asset fair value changes in fiscal 2026, reducing its volatile holdings 1.
SWOT
Strengths
- The company holds a digital asset treasury that can be partly liquidated and has already acquired high-performance GPU servers 1.
- The third-party management structure allows participation in AI computing demand without building a full data center operation internally 1.
- The company has an existing corporate structure, and licenses for its earlier US operations were obtained 1.
Weaknesses
- The company had no recurring revenue in fiscal 2026, and mining was stopped because of high operating costs 1.
- Experience operating GPU servers is limited, and the company depends on third parties for delivery, management and payments 1.
- The Dogecoin treasury is concentrated in a single asset with lower liquidity than other digital assets 1.
Opportunities
- If the GPU servers are deployed and used, the company could generate revenue from leasing and managing computing capacity 1.
- Management is evaluating additional opportunities in GPU services, server leasing and data center infrastructure 1.
- Sales of digital assets could provide working capital for expansion into AI infrastructure 1.
Threats
- A decline in the Dogecoin price could significantly reduce asset values and generate fair value losses 1.
- Redemption of DOGE to private placement investors could reduce available resources and limit liquidity 1.
- Delivery delays, difficulties at third-party managers or lack of customers could lead to operating losses and impairment of assets 1.
Risks
- Dogecoin asset volatilityhigh
Concentrated exposure to DOGE can produce major fair value losses and limit the ability to sell at desired prices 1.
- DOGE redemptionshigh
Unsettled redemption notices for DOGE could reduce available resources and may require investor consents or collateral arrangements 1.
- Dependence on third parties for AI infrastructurehigh
The company relies on managers, data center operators and power providers, and their difficulties could affect revenue 1.
- Limited experience in AI computingmedium
The company has little experience commercializing GPU servers, and its plans may not produce the anticipated returns 1.
- Financing and shareholder dilutionmedium
Access to amounts under financing arrangements depends on market conditions and closing conditions, and additional financing could dilute shareholders 1.
Investment thesis
What would need to be true (bull case)
- If the GPU servers are delivered and leased at strong demand, the company could turn an activity without revenue into a recurring income source 1.
- The Dogecoin treasury may provide liquidity to fund the transition toward AI infrastructure through controlled sales 1.
- The third-party management model could allow faster expansion than building a full internal infrastructure 1.
What would break the thesis
- The company has no recurring revenue and depends on servers that had not been delivered at the report date 1.
- Losses on crypto assets and DOGE redemptions could use up resources before the new activity becomes profitable 1.
- Dependence on third parties and limited experience in the field could lead to delays and losses if the project does not produce the expected use 1.
What to watch
- Delivery and deployment of the GPU servers in MalaysiaQ3 2026
- Settlement of redemption notices for 30 million DOGE2026
- Further DOGE sales and use of proceeds for working capitalnext 10-K
- First revenue from AI infrastructure and customer contractsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Sept 2026; since then the company filed 6-K (30 Oct 2026), 6-K (23 Oct 2026), 6-K (22 Oct 2026), 6-K (16 Oct 2026), 6-K (23 Sept 2026).
The business
According to the 20-F for the fiscal year ended June 30, 2026, the company was incorporated in the Cayman Islands, has its principal executive office in Singapore, and was originally formed to evaluate opportunities in emerging technologies and digital infrastructure 1. Bitcoin mining in the US was stopped in December 2023 due primarily to high operating costs, and revenue from mining and miner sales fell to nil in fiscal 2026 1. In 2026 the company expanded its focus to AI computing, acquiring 16 GPU servers that were to be deployed in Malaysia through a third-party manager 1.
The company established a Dogecoin treasury program in July 2025, funded through equity and convertible note financings and DOGE received in a private placement 1. At the report date it held 67,543,745 DOGE custodied with BitGo Trust Company, but this includes 30,000,000 DOGE subject to redemption notices from investors in the August 2025 private placement 1. Management said it no longer plans material DOGE purchases and is evaluating partial sales to support working capital and AI infrastructure investment 1.
The corporate structure includes several subsidiaries with no active business, including SonicHash US, formed for Bitcoin mining, and Sonic Auspice, in which the company holds 55% of membership interests 1. The company also carried out a share capital reorganization, with a trading symbol change and name change effective September 1, 2026, and a five-to-one share consolidation 1.
Segments
AI computing and GPU infrastructure
This is the company's new strategic focus, based on the purchase of 16 NVIDIA Blackwell B300 servers under a management agreement with a third party, with delivery and deployment expected in Malaysia in the third quarter of 2026 1. The chosen model relies on external managers, data centers and power providers, and management did not describe substantial prior experience operating such servers 1.
Dogecoin treasury
This segment began in July 2025 and has moved into a phase of management and partial liquidation, with DOGE sales for working capital, including 3,000,000 DOGE sold on September 7, 2026 for approximately 267,665 USD gross 1. Fair value losses on crypto assets affected results, and exposure to DOGE volatility remains significant 1.
Market context
The company operates at the intersection of two markets: digital assets, especially Dogecoin, which is less liquid than Bitcoin or Ethereum, and AI computing infrastructure, where demand for advanced GPU servers is high 1. In the first market the risk profile is dominated by volatility and thin market depth, while in the second it is dominated by dependence on customers and external providers 1.
Management believes rapid adoption of artificial intelligence and large language models supports demand for high-performance computing, but revenue from this activity had not yet been realized and the company has no demonstrated recurring revenue 1.
Trends
- Rapid adoption of artificial intelligencetailwind
Management believes enterprise adoption of AI has increased demand for scalable computing capacity, which could support the use of the GPU servers acquired 1.
- Dogecoin price volatilityheadwind
DOGE prices have fluctuated significantly, and a decline could create fair value losses and limit the ability to sell assets at desired prices 1.
- Crypto asset regulationmixed
Government regulation of cryptocurrencies may restrict access to networks or their use, which could affect the value of held assets 1.
- Cost and availability of financingheadwind
Market conditions may reduce financing availability, raise the cost of capital or dilute existing shareholders, and these effects could add pressure on liquidity 1.
Competitive position
The source does not explicitly name competitors in AI computing, but refers to the service providers involved in the project and the data center operators the company depends on 1. In crypto treasury activity the company is implicitly compared with other entities holding digital assets, though the filing does not name them 1.
Competitive position depends on the company's ability to win customers for its GPU servers and manage external providers, an area where the filing highlights limited experience and execution risk 1.
- PT Mitra Manunggal Sangkara (PTMMS)
GPU server management provider on which the company depends for deployment and commercialization; a partner with execution risk rather than a direct competitor 1.
- Data center operators and power providers
Third parties the company depends on for hosting, power and connectivity, and potential competitors for computing contracts 1.
- Other crypto treasury holders
Companies holding digital assets that face the same volatility and liquidity risks, not named in the filing 1.
- AI computing service providers
Providers of GPU capacity and hosting services that compete with the company for customers, though the filing does not identify them 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)16 Oct 2026
- Current report (foreign issuer)23 Sept 2026
- Annual report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)21 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-06-30 · SEC / SANGRIX INC. · 18 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.